Business/Economy

Petrol breaks all records, reaches Rupees 90 in Maharashtra

Petrol breaks all records, reaches Rupees 90 in Maharashtra

The price of petrol broke all the records and recorded the highest price at Maharashtra’s Parbhani on Monday, where it was sold for Rupees 90. It is the costliest petrol ever sold in the history of India. 
Just a day after the country saw “Bharat Bandh” and faced protests from the opposition and left wing parties, it feels like the central government has got no such plans to cut down on the excise duty on the fuel anytime soon.
Continuing the hike the price, petrol touched the Price of Rupees 80.87 per litre in Delhi, whereas in Mumbai Petrol was available at a hike of Rupees 88.26 per litre, whereas diesel jumped to Rupees 72.97 per litre and Rupees 77 47 per litre in Delhi and Mumbai, respectively.
The prices of petroleum products have seen a huge hike since August this year. There is a rise in price of petrol almost every day. Petrol price has risen by Rupees 3.65 a litre and diesel by Rupees 4.06 per litre — the biggest increase in rates witnessed in any month since the launch of daily price revision in mid-June last year.
The economic backbone of the country, Mumbai has the highest amount of VAT of Rupees 39.12 per cent on petrol, while Telangana has the highest tax on diesel that is 26 percent. 
On the other hand, Delhi charges a VAT 27 per cent on petrol and 17.24 per cent on diesel.
The central government had raised excise duty on petrol by Rupees 11.77 a litre and that on diesel by Rupees 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rupees 2 a litre.
 

This led to its excise collections from petro goods more than doubling in last four years — from Rupees 99,184 crore in 2014-15 to Rupees 2,29,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rupees 1,37,157 crore in 2014-15 to Rupees 1,84,091 crore in 2017-18.
A PTI reported, a government official saying that four states which supported Monday’s Bharat Bandh collect high taxes themselves. Andhra Pradesh gets Rupees 22.15 per litre on petrol and Rupees 16.87 on diesel. Karnataka gets Rupees 18.88 on petrol, Rs 12.23 on diesel, Kerala Rupees 19.09 on petrol and Rupees 14.51 on diesel and Punjab gets Rupees 21.81 per litre in taxes on petrol and Rupees 10.07 a litre on diesel.